Senator the Hon Mathias Cormann

On behalf of the Australia-led constituency, I am providing our statement to the IMF Annual Meeting in Lima, Peru today.

This is at a time when there are both opportunities and ongoing challenges in the global economy.

Our statement notes the IMF's assessment of a modest, but uneven, economic recovery, including lower commodity prices. However it also highlights the strong contributions to global economic growth from emerging and developing economies in the Indo-Pacific region.

The foundations of a recovery remain in place in the United States and are beginning to take hold in Europe.

China continues to grow solidly while making its transition to a more sustainable pattern of growth.

The pursuit of strong fiscal and structural reforms remains essential to help all economies adapt through the current transition and to keep building growth momentum.

As part of the overall policy mix, our constituency statement recognises opportunities for innovative industries to flourish, which will help create jobs and stimulate growth.

In this context, our statement welcomes the important efforts of members to reduce trade barriers, including the progress that has been achieved with the Trans-Pacific Partnership and other trade enhancing agreements.

We recognise the strong role of the IMF in supporting the needs of members, including its smallest and most vulnerable, many of which are in our constituency.

IMF policy and technical support to these members remains especially important in the context of recent natural disasters affecting a number of Pacific Island nations.

Our constituency also supports the full implementation of IMF Quota and Governance reforms, which should be ratified as a priority.

* The Australia-led constituency comprises Australia, Kiribati, Korea (Republic of), Marshall Islands (Republic of the), Micronesia (Federated States of), Mongolia, New Zealand, Palau (Republic of), Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan and Vanuatu.